ByBit Stops Services For UK Citizens Due To FCA Ban

ByBit stops services for all UK citizens due to an FCA Ban on derivatives trading as we are reading more in our latest cryptocurrency news today.

The first consequence of the FCA ban on crypto derivatives trading in the UK is clearly seen for the popular digital asset exchange ByBit as the company announced earlier that it will suspend all services to all customers that are based in the United Kingdom. Established back in 2018, ByBit is a crypto exchange with a base in Singapore and a reported user base of one million clients. However, Bybit stops offering its services to UK-based customers as per a new press release that we read more about.

The statement informed that all of the UK users will have to close all of their open positions and withdraw their balances by 8 AM UTC on March 31, 2021, and after that date, the users will be “restricted from accessing or performing any trading activities on ByBit.” Furthermore, the exchange will restrict all new registrations using a UK mobile phone number or an IP address. The decision is a direct consequence of a ban on crypto derivatives trading in the UK that was enforced by the Financial Conduct Authority regulator. Last year we saw the watchdog aiming to prohibit sales, marketing, and distribution of all retail customers of crypto derivatives and exchange-traded notes as well.

At the time, the FCA described these products as “ill-suited for retail customers due to the harm they pose.” It also outlined that the traders are unable to determine the reliable value because of the high volatility on the market and the lack of understanding. Also, the UK population was not able to stop the FCA from implementing the ban as a survey compiled by the regulators, suggesting that more than 97% disagreed with the decision.

As reported recently, The crypto derivatives exchange ByBit expanded to Korea and Japan after it added support for the Japanese Yen and South Korean won while trying to conquer the Asian markets. In an announcement, ByBit said that the addition of these two new fiat currency payment options took the total number of supported fiat currencies to 43. byBit also made a debut with the fiat payments options in June by allowing traders to purchase Bitcoin and Ether by using 20 different fiat currencies.